Chapter CCLXIX. to require national Hanks to restore their Capital when impaired, and to amend the National-currency Act
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CHAP. CCLXIX.— An Act to require national Hanks to restore their Capital when impaired, and to amend the National-currency Act.March 3, 1873. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* ThatDeficiencies in the capital stock of national banks to be made up by assessment pro rata upon stockholders, within, &c. all national banks which shall have failed to pay up their capital stock, as required by law, and all national banks whose capital stock shall have become impaired by losses or otherwise, shall, within three months after receiving notice thereof from the comptroller of the currency, be required to pay the deficiency in the capital stock by assessment upon the shareholders, pro rata, for the amount of capital stock held by each and the treasurer of the United StatesInterest to be withheld until, &c. shall withhold the interest upon all bonds held by him in trust for such association, upon notification from the comptroller of the currency, until otherwise notified by him; and if such banks shall fail to pay up their capital stock,Receiver to be appointed, if, &c.1864, ch. 106, § 50.Vol. xiii. p. 114. and shall refuse to go into liquidation, as provided by law, for three months after receiving notice from the comptroller, a receiver may be appointed to close up the business of the association, according to the provisions of the fiftieth section of the national-currency act.
Sec. 2. ThatNo attachment, injunction, to issue before final judgment in State court. section fifty-seven of said act be amended by adding thereto the following: “*And provided further,* That no attachment, injunction, or execution shall be issued against such association, or its property, before final judgment in any such suit, action, or proceeding in any State, county, or municipal court.” Sec. 3. ThatThe word “national” not to be used by certain companies or corporations. all banks not organized, and transacting business under the national-currency act, and all persons, companies or corporations doing the business of bankers, brokers, or savings institutions, except saving-banks, authorized by Congress to use the word “national” as a part of their corporate name, are prollibited from using the word “national ” as a portion of the name or title of such bank, corporation, firm, or partnership; and every such bank, corporation, or firm, which shall use word “national ” as a portion of their corporate title or partnership name six months after the passage of tliis act, shall be subject to a penaltyPenalty for using such word. of fifty dollars for each day thereafter in which such word shall be employed as aforesaid as part of such corporate name or title, such penalty to be recovered by action in any court having jurisdiction.
Sec. 4. ThatComptroller of the currency to examine yearly the plates, &c., from which the bank circulation is printed.Certain material to be destroyed. it shall be the duty of the comptroller of the currency to cause to be examined each year the plates, dies, but-pieces. and other material from which the national-bank circulation is printed in whole or in part, and file in his office annually a correct list of the same; and such material as shall have been used in the printing of the notes of national banks which are in liquidation, or have closed business, shall be destroyed under such regulations as shall be prescribed by the comp-604FORTY-SECOND CONGRESS.
Sess. III. Ch. 270–273. 1873.trollerExpenses. of the currency, and approved by the Secretary of the Treasury; and the expense of such examination and destruction shall be paid out of any appropriation made by Congress for the special examination of national banks and bank plates. Approved, March 3, 1873.